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₹153 - 153
GK Energy Ltd
Infrastructure Developers & OperatorsIPO
₹153 - 153
We are primarily a pure play engineering, procurement and commissioning ("EPC") provider of solar-powered agricultural water pump systems, which comprises direct-to-beneficiary sales and sales to others. Direct-to-beneficiary sales comprise (i) the EPC of GK Energy brand solar-powered pump systems to farmers who chose us as their vendor on portals of agencies appointed by state governments (known as state nodal agencies or state implementing agencies ("SNAs/SIAs")) wherein the orders are placed with us by SNAs/SIAs under the Government's Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan scheme ("PM-KUSUM Scheme") and similar state government schemes, and (ii) the EPC of GK Energy brand solar dual water pump systems (solar-powered pump systems that include water storage) to local government bodies. Sales to others comprise the EPC of solar-powered pump systems under orders placed by customers directly with the Company.
Lot98Min Invest₹14,994Face Value₹2Issue Size₹464 CrFresh Issue₹400 CrOffer for Sale₹64 CrListing Price₹165CMP₹94
Timeline
19 Sept
Bidding opens
23 Sept
Bidding closes
24 Sept
Allotment
25 Sept
Refund & demat credit
26 Sept
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹464 Cr3.03 Cr shares
Fresh Issue₹400 Cr
Offer for Sale₹64 Cr
Face Value₹2
Lot Size98 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9941-13 lots
sNII₹2,09,916from 14 lots
bNII₹10,04,598from 67 lots
Managers & Registrar
Lead ManagerIIFL Capital Services Ltd
Co-ManagerHDFC Bank Ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrGopal Rajaram KabraPRMTR40,00,00061.20Mehul Ajit ShahPRMTR2,00,0003.06Total42,00,00064.26
Shareholding
CategoryPre IPOPost IPOPromoter Group93.3%79.18%Public6.7%20.82%
Objects of the Issue
- Funding its long term working capital requirements
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|
| RevenueCr | 411 | 1,095 | 1,715 | 1,896 |
| Operating ProfitCr | 54 | 200 | 309 | 334 |
| OPM% | 13.1 | 18.2 | 18.0 | 17.6 |
| PBTCr | 48 | 180 | 274 | 304 |
| PATCr | 36 | 133 | 204 | 227 |
| EPS | 2 | 8 | 11 | 12 |
Balance Sheet
| Financial Year | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|
| Equity CapitalCr | 1 | 34 | 41 | - |
| ReservesCr | 55 | 175 | 847 | - |
| BorrowingsCr | 62 | 218 | 206 | - |
| Fixed AssetsCr | - | 14 | 110 | - |
| Total AssetsCr | 214 | 584 | 1,305 | - |
Cash Flow
| Financial Year | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|
| Operating Cash FlowCr | -5 | -99 | 50 | - |
| Investing Cash FlowCr | -10 | -53 | -136 | - |
| Financing Cash FlowCr | 15 | 152 | 420 | - |
| Net Cash FlowCr | 0 | 0 | 334 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- The leading pure play provider of the EPC of solar-powered pump systems in Maharashtra under the PM-KUSUM Scheme in terms of pump systems installed as at July 31, 2025.
- Robust Order Book and a growing addressable market for solar-powered pump systems.
- Decentralised infrastructure and localised workforce enable us to operate across broad geographic areas in five states.
- Comprehensive support, from installation to after-sales service, thus ensuring a seamless experience for the farmer and increased customer satisfaction.
- Track record of profitable financial performance and rapidly increasing growth.
- Experienced senior management with in-depth sector expertise.
Strategies · as stated in the DRHP
- Replicate our success in Maharashtra in the high-potential states of Haryana, Rajasthan, Uttar Pradesh and Madhya Pradesh.
- Diversify sources of revenue by installing rooftop solar systems.
- Backward integrate by manufacturing our own solar panels.
- Development of a dedicated vendor ecosystem for various components of solar-powered pump and rooftop systems through organic and inorganic means.
- Exploring other solar market opportunities.
Risks · as stated in the DRHP
- We derived Rs.10,873.63 million, Rs.3,743.68 million and Rs.2,580.93 million, equivalent to 99.32%, 91.07% and 90.55% of our revenue from operations for Fiscals 2025, 2024 and 2023, respectively, from the engineering, procurement and commissioning ("EPC") of solar-powered agricultural water pump systems. Any decrease in demand for the EPC of solar-powered agricultural water pump systems could have a material adverse effect on our business, financial condition, results of operations and cash flows.
- Any failure to recover trade receivables could materially and adversely affect our business, financial condition, results of operations and cash flows.
- We had net cash used in operating activities in Fiscals 2025, 2024 and 2023. We expect to experience net cash used in operating activities in the future and we will continue to require working capital financing, which if unavailable could adversely affect our ability to operate our business and implement our growth plans.
- Failure to obtain adequate financing or generate sufficient cash flow to meet our working capital requirements and other liquidity requirements could have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, increasing our borrowings increases our finance costs, thereby adversely affecting our results of operations and cash flows.
- As we are currently a pure play EPC company, we may find it harder to compete with players that currently manufacture solar panels. Failure to compete effectively in the highly competitive solar-powered pump EPC industry could have an adverse effect on our business, results of operations, financial condition and cash flows.
- Our revenue from the EPC for solar-powered pump systems - direct-to-beneficiary sales under the PM-KUSUM Scheme was Rs.9,177.52 million, Rs.3,058.22 million and Rs.2,537.23 million, equivalent to 83.83%, 74.39% and 89.02% of our revenue from operations for Fiscals 2025, 2024 and 2023, respectively. If the PM-KUSUM Scheme is not extended beyond its current end date of March 31, 2026 or replaced by similar state government schemes, it could have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, a significant decrease in the number of farmers selecting us as their vendor under the PM-KUSUM Scheme or similar state government schemes, reductions in the amounts paid per solar-powered pump system installed under the PM-KUSUM Scheme or similar state government schemes, any unforeseen change in our eligibility to participate in the PM-KUSUM Scheme or similar state government schemes or any other adverse changes in the PM-KUSUM Scheme or similar state government schemes could have a material adverse effect on our business, financial condition, results of operations and cash flows.